A slang word for a Volvo - A Swedish, usually old-folks and family-oriented and slow.

The term would refer to a Volvo that is just the opposite, making you Laugh Out Loud. A Volvo is a car most people would expect to be boring, slow, and uneventful; whereas a Lolvo is a Volvo that is classified as a "sleeper" - One that one would never expect to be fast in any sort of way. A Lolvo is a Volvo that is exciting, tuned, fast, and all-around interesting.

Guy 1: "Look at this loser in the Volvo trying to race me!"
*Volvo speeds off quicker than a Corvette*
Guy 2: "That's no Volvo, that's a Lolvo! Haha!"